Closing Accounting Period in NAV 2013
Follow the Steps below to close a Fiscal Year/Accounting Period in NAV
- Open the Accounting Periods window (Financial Management --> Setup--> Accounting Periods).
- To close the year, click Yes.
- You cannot close a fiscal year before you create a new fiscal period.
- When a fiscal year is closed, you cannot change the starting date of the following fiscal year.
- Even when a fiscal year has been closed, you are allowed to post G/L entries to it. When you do this, the entries will be marked as posted to a closed fiscal year - the Prior-Year Entry field will contain a check mark.
- Once a fiscal year is closed, make sure you close the income statement accounts and transfer the year's results to an account in the balance sheet. You must repeat the process every time you post to the closed fiscal year.